Flip This Success Story: Featuring the Lovely and Talented, Mrs. Shae Bynes!

Hey guys!

It’s time for another Flip This Success Story…

This time around, I’m interviewing my buddy, Shae Bynes, from GoodFaithInvesting.com about a deal she recently closed on as a result of her ongoing direct mail campaign.

Say “Hi” to Shae everybody!

Shae Bynes

As you’ll hear in the call, Shae’s investing strategy involves both wholesaling properties as well as buying and holding. In this instance, the property was definitely a keeper!

Check out the 30 minute call and find out how Shae was able to pick up this rental property from an “accidental landlord” which is now giving her a positive cash flow of $600/month! Oh, and she did it without using her own credit (she secured a private lender to fund the deal instead), AND she only had to come out of pocket $100 for the entire deal!!

Way to go, Shae!  W00t! W00t!

To listen to the interview, just click on the pretty purple-y button below:

Click Me!

I hope you guys enjoy the call!

Over and Out.

If you have any questions for Shae, leave a comment below and I’m pretty sure she’ll be happy to answer it for you (although she is on vacation right now, so I don’t want to put any words in her mouth). ;)

If you’re not already a reader of Shae’s blog, you’ll definitely want to add it to your list- GoodFaithInvesting.com!

You can also find her on Facebook and Twitter!

  1. On July 06, 2010 at 3:18pm, Esi said...

    What a great interview, I really enjoyed this call guys. $600/month cashflow is great, You go girl! I know what you mean by the yellow letter to possible sellers; Lots of calls, but most are unmotivated, which is a lot of time wasted. Keep it going and i’m looking forward to many more success stories.
    .-= Esi´s last blog ..Q -amp A- Closing- Birthday =-.

    • On July 06, 2010 at 4:11pm, Shae said...

      Thanks Esi! We’ll keep it movin’! On to the next one and the next one and the next one ;-)
      .-= Shae´s last blog ..Happy Independence Day- =-.

  2. On July 06, 2010 at 3:48pm, Matt Rosen said...

    Really good call Shae and Steph! Great cashflow deal you landed!
    Keep it up
    .-= Matt Rosen´s last blog ..Virtual Wholesaling 7 Day Countdown =-.

    • On July 06, 2010 at 4:11pm, Shae said...

      Thanks Matt! Hope you’re over there kickin’ tail on your virtual wholesaling deal! :-)
      .-= Shae´s last blog ..Happy Independence Day- =-.

  3. On July 06, 2010 at 5:05pm, AnotherSteph said...

    Awesome call, Steph and Shae. It’s clear you guys are friends, what a great rapport you have! :-)

    Funny, I’ve heard several others get negative feedback about yellow letters, too. I appreciate the tip on those letters.

    .-= AnotherSteph´s last blog ..Lookin’ for Deals and Money =-.

    • On July 07, 2010 at 5:48am, Shae said...

      Hey Steph, thanks for the feedback on the call. Glad you enjoyed it! The best story about yellow letters comes from Julie Broad in Canada…they had a write up in the newspaper about their mysterious letters and received calls from the local police! LOL!
      .-= Shae´s last blog ..Happy Independence Day- =-.

      • On July 07, 2010 at 7:34am, AnotherSteph said...

        Yeah, I think I heard about that yellow letter issue on Julie’s blog. Pretty amazing!

        BTW, were you able to obtain your inherited property list from a list broker? I’ve been compiling my probate lists by hand, and it takes forever and I don’t get too much time to go to the courthouse. I would love to buy an inherited property list, even though it’s a bit different from a probate list, if I could.

        .-= AnotherSteph´s last blog ..Lookin’ for Deals and Money =-.

        • On July 07, 2010 at 9:20am, Shae said...

          Hey Steph, yes I purchased from US Leads List. The leads are pricey but they only sell to 2 investors in the area so the competition is low.
          .-= Shae´s last blog ..Happy Independence Day- =-.

          • On July 07, 2010 at 10:04am, AnotherSteph said...

            Thanks, Shae. I’ll check them out for the list!
            .-= AnotherSteph´s last blog ..Lookin’ for Deals and Money =-.

  4. On July 06, 2010 at 6:40pm, jason said...

    Hi step,

    Happy 4th of July1! I had a question. Is it possible to re-negotiate a deal if you already made an initial offer on the property? for example: I have a deal at a 100k but my buyer needs it for 91k because of hidden mold issues. Can I RE-negotiate with the bank before opening escrow to get it at 88k by showing a serious rehab issue with the property?

    • On July 07, 2010 at 5:04am, Stephani said...

      Hey Jason,

      You can try, but they usually don’t like to move off of their price once they accept something. I once had an REO under contract and the bank’s title company was taking FOREVER to close (like close to 2 months). During this time period a really bad storm came through and did quite a bit of damage to the roof, which was already in bad condition. I went back to the bank to try and get a few grand knocked off because of the new damage, and they said no way. I even went out and took pictures and sent them in, but they wouldn’t budge.

      We were out of contract anyway so I ended up just walking from the deal because my buyer insisted on getting a discount.

      I’m not saying that will be the case in every situation, but my experience has been that once they make up their minds, that’s the end of it.

      Can’t hurt to try, though…

  5. On July 07, 2010 at 4:59am, Stephani said...

    Thanks everybody- glad you guys/gals enjoyed the call! Shae rocks! :)

  6. On July 07, 2010 at 8:01am, Julie Broad said...

    Great call you two!!! Loved it!!
    And Shae – thanks for the mention above! I have to say that I think we’re going back to the handwritten letters … police and newspaper calls aside at least they generated a few good leads for us. The new – less personal typed up letters – have not been fruitful. But summer is busy for Rick-Live at their bed and breakfast so I am having trouble convincing him to let me do another round so it might have to wait until the Fall. :)

    Really great interview!! You guys were awesome. And $600/month cash flow on a rental is pretty freaking awesome.
    .-= Julie Broad´s last blog ..BiggerPockets Top 10 List- Tax Write Offs and a Rental Property Tip =-.

    • On July 07, 2010 at 9:26am, Shae said...

      Hey Julie, thanks! Are you specifically going back to yellow letters with the same message or are you going to do a different message that is handwritten? Phil & I have discussed doing handwritten letters with a more specific message that would reduce the number of ticked off people.
      We just sent out a group of letters that had a very personalized message but it was typed and came in a handwritten envelope. We’ll see how that works!
      .-= Shae´s last blog ..Happy Independence Day- =-.

      • On July 08, 2010 at 5:04pm, Julie Broad said...

        Hey Shae –
        I think we’ll go back to handwritten with a more specific message. We did handwritten envelopes with a typewritten letter inside and had only a handful of calls.

        I want to reduce the fear and skepticism that so many feel when they receive the letter but don’t want it to stop working!!

        Hope that helps!
        .-= Julie Broad´s last blog ..Living Life on My Terms =-.

        • On July 08, 2010 at 7:40pm, Shae said...

          Yep, that does help! We’re on the same page….let’s do it!
          .-= Shae´s last blog ..Truly honored- =-.

  7. On July 08, 2010 at 7:33am, mobilehomegurl said...

    Wow, great call gals! It’s so awesome to hear your success story, Shae :)

    Listening to your story, it really reiterates the importance of you being able to gain the trust of the seller. And, it’s funny because when this happens nothing else really matters – the important thing is your intent to make this deal work for both you and the seller. I see a lot of investors out there who make so many promises to sellers yet end up backing out of deals on promises they couldn’t make only to leave the seller at ground zero again. Not a good thing – this really has damaged and given the word “investor” a bad name.

    Oh, and it’s funny you gals mention the “yellow letters.” I got those letters when I was liquidating. From a seller’s point of view, a lot of them were really quite offensive and annoying. Just receiving a letter like that from a complete stranger who says they want to buy my house (even though they have never seen it before) and to call them so they can pay cash and close quickly in bold and all caps was a bit ridiculous in nature (it sounded like an advertisement). What’s even more amusing is when it says, “Oh by the way, just leave a message because I probably won’t answer it.” So, basically this stranger is telling me to call them and saying my call is not important to them since they won’t even take the time to answer the phone? Wow, amazing.

    So, that’s kind of my experience with those types of letters. And, I remember going to a few sellers homes who had stacks of them (we even read them together) and telling me I was one of the few who even bothered to call and care about their situation. I should have made photocopies of those letters, pretty crazy stuff!

    Great tips on the IRA and private money stuff, Shae. And, I also like the end on your tips to get started. I agree, we’ve all made mistakes. I even did some of that crazy stuff, Steph mentioned like sending out letters to owners on the MLS – they were expired listings but it just was too much for me to keep up with. I think direct mail works but you really have to have a system and be really organized to keep up with it and be successful (sounds like Julie has a pretty good system!) For me, I found what worked best was just talking and meeting with these people – it was the fastest and best use of my skills (I’m not that much of an organized person!)

    I really enjoyed the call, thanks for sharing! :)

    p.s. I’ve been doing a little experimenting with Garageband for some audio stuff – my microphone produces a bit of an echo. The call sounded pretty good, is there a certain type of microphone that you gals use or recommend? I’m looking for a good one, thanks for your help! :)

    • On July 08, 2010 at 10:04am, Stephani said...

      Hey Rachel!

      That’s an interesting perspective on the yellow letters from the other side of the fence. Did someone really write that they probably wouldn’t answer the phone? That right there would be enough for me not to even call, although I guess if you’re motivated enough to sell you’ll try anything.

      I was like you with my direct mail efforts- totally unorganized, and not consistent at all. Although now that I think about it, my very first deal ever came from a postcard that I sent to someone who had their property listed in the paper (I could have just called the # in the ad, but I was too chicken, so sent a postcard instead!) Ha!

      Thanks for the thoughtful (as always) comment,

      Oh- regarding the audios, I don’t use a microphone at all, I use freeconferencecalling.com, and just call in on my home phone. Have’t had any problems doing it that way yet. Knock on wood. :)

      • On July 08, 2010 at 4:04pm, mobilehomegurl said...

        Hey Steph! Oh, most definitely – I got a couple of letters like that. Some were yellow too, but also some on plain white paper. Most of them had really big, bold letters and all caps – “I WANT TO BUY YOUR HOUSE! I CAN PAY CASH AND CLOSE QUICKLY!” Reading those letters, it’s like someone was screaming at me!!

        Even this week, I got a call from another investor who left a msg (I try to answer my calls when I can but I was in the middle of doing an inspection) who said, “Hey Rachel, I’ve got a doublewide for you. Give me a call, you’ll probably get my voicemail because I won’t answer it but just leave a msg and I’ll call you back” – And, that was just this week! It’s pretty amazing how some people can be….I never did call this person back b/c it just didn’t seem like he really cared enough to even pick up and answer the phone!!

        Oh, I can really relate to you with direct mail – it was such a pain to keep up with. Wow, that’s cool how your first deal came from a direct mail postcard (was it yellow? just kidding!) My first wholesale deal was from going out and scouting vacant properties – it was a landlord. He was really difficult to work with. And, I guess that’s why not many people were able to work with him. I got a bit frustrated myself. But, I kept in touch with him. Took me a few months and a crazy letter to him trying to set the scene for him imagining what life would be like without these properties (they were vacant) and how he could just move on and retire (that’s what he wanted to do). It was a pretty wild letter, but finally he caved and we were able to deal. But, the kicker was how he wanted me to drive him to closing and be his chauffeur! (Oh, the drama!) It was nice once it was all over with :)

        Oh, cool about freeconferencecalling.com – I’ve never heard of that. I’ll have to check it out. I’m playing around with Garageband for some audio stuff, it’s not that hard once I get the hang of it. It’s actually pretty cool. Thanks for your help, it’s nice to exchange stories with you! :)

        • On July 08, 2010 at 7:33pm, Stephani said...

          Hey Rachel,

          Actually the postcard I used to get my first deal was so awful looking! I designed it online somewhere and had no clue what I was doing. I wish I still had a copy so I could post it here and we could all get a good laugh! Although, I guess I did get a deal from it, so at least it was effective in it’s ugliness.

          And funny you bring up having to chauffeur your seller to the closing- I had to do that once as well on one of my first wholesale deals. The lady (who was totally crazy) lived like an hour away from the title company, and when we got ready to sign all of the papers and disburse the funds, she said that she would not accept a cashier’s check from the title company because it might bounce. So the owner of the title company had to drive to Bank of America and get a certified check made out to her. Then I had to drive her to her bank right after the closing so she could deposit it, and then all the way back home. It was an interesting ride, that’s for sure.

          Definitely check out freeconferencecalling- it’s super super easy to use (even for me), and it’s free, which is also a bonus.

          And one more thing about Garageband- I love it! I’ve got it down to science and can edit audio in there like a pro. It took me some time to figure it out, but now it’s smooth sailing.

          Nice chatting with you. :)

          • On July 08, 2010 at 7:39pm, Shae said...

            These stories are so hilarious Steph & Rachel! Rachel, I totally hear where you’re coming from in terms of being the recipient of the yellow letter. I understand why it raises eyebrows and my husband simply said that if I wanted him to talk to sellers, he wasn’t willing to send any more letters like those because too much time was wasted calming people down or explaining ourselves. I’m cool with handwritten letters, but I just think it needs to say more than “i want to buy your house” LOL!
            .-= Shae´s last blog ..Truly honored- =-.

  8. On July 10, 2010 at 5:34am, ruukie said...

    Hey Shae,

    Great info. ! I know you kind of mentioned the information i’m about to ask, but I’ll ask away anyway just to make sure I fully grasp the info.

    Here are my question:

    (1) Do you still do direct marketing and what is the number of leads do you send your postcard to on average?

    (2) What is your response rate?

    (3) You mentioned in the interview about Cris Chico, do you also incorporate Cris Chico’s in finding probate deals as well when you do direct marketing?

    Thank you very much and I look forward to hearing from you.

    • On July 10, 2010 at 3:34pm, Shae said...

      Hey Ruukie, glad you enjoyed it! To answer your questions:
      1) Yes – every month. With postcards I send 600+ and with letters 100+
      2) Response rate really varies depending on the type of lead and letter type — between 3-15% typically
      3) No, I haven’t used his message with probate deals at all.
      Hope this helps!
      .-= Shae´s last blog ..Truly honored- =-.

      • On July 17, 2010 at 9:50pm, ruukie said...

        Thank you very much Shae for answering my questions and sharing your succes story with us! Two thumbs up!!! and also to you Steph!

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